Northwestern Mutual Pay & Benefits reviews
United States3,520 reviews
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Great culture and amazing opportunity. Very competitive pay structure and hard field to stay in. Great support system and management in my office in DC. No base pay but strictly a commission and renewal pay structure. If you make it to 4-5 years in this company you will really start to excel and reap the reward.
People are great, but the entire prospect of the job is commission based. Success is build from your own network, and early success is shared as you need to leverage senior advisors who take a piece of your commission if they help. No salary, no compensation package. They do their best to train you and provide the resources, but overall requires you to have a deep pool of connections to succeed as it's entirely commission based.
Great company with great benefits. Direct managers are supportive of staff. Flexibility with work at home, and there is opportunity for advancement. Company very committed to inclusion & diversity initiatives. It is also positioned for growth in the long-term, which is amazing for a 150+ year old financial institution.
Free lunch (if you’re in the office)
Big company with expected hierarchy
No salary is just not acceptable today. the hours are long and only get what you put into but it's really up to the client (being your friends and family) to support and become a client. No money to be made here just go get a different job or a sales job with a salary.
Good management, friendly co-workers
no salary, cold calling old friends and family for business
This internship is great if you have a lot of friends and family that trust you wholeheartedly. The entire position is built off of your natural market, and if your friends and family can't recommend 5-10 people to talk to, you're gonna have a tough time. This is really more of a sales job than anything to do with financial planning. You have the ability to make a bunch of money and set your own work schedule, but you feel a bit strange about it as you're banking on your friends and family buying policies from you or at least their friends.
Work / Life balance, Compensation
All compensation, friends will talk about you behind your back
Would you recommend working at your company?
Help people considering your employer make a good choice.
This is a great company to learn the financial services industry. The training is very structured and thorough. However, there is little or no room for doing job differently than how the company expects you to do it. It is largely based on selling insurance to your friends and family and very few advisors make it beyond 2 years. Perhaps they hope is that your friends and family clients reassigned to the field directors and/or established veteran agents will remain with the company and that renewals will accrue to new agent or the Managing Director keeps your renewals. There is no salary with this position, which makes it hard for a new advisor to be successful.
Great Training, incentives in form of wardrobe allowance.
No lead support, no marketing support, expected to do joint work and split your commission with experienced agents.
I can only speak for the Walnut Creek branch. This isn't a "bad" job. However, the recruiters (and perhaps company) do a poor job of accurately explaining what your position truly is. They preach their advisors practice "holistic planning" through investments and insurance, but you really just sell life insurance. Even when you get your investment licenses, you are still judged and reviewed based upon your life insurance sales. If what I said above is true, to be honest, I can understand why. Few people really want to be a life insurance salesperson. They could be positioning their job titles as such to try and bring on new employees as so many leave within the first year. It is a tough, tough job.They also preach how you can work from anywhere, which is true to some extent, but you need to be working there a year or two before you earn that freedom. This 1-2 year period was not mentioned by the recruiters.To be fair, this job can be extremely rewarding. You have the ability to make a TON of money and IMPACT people's lives. The catch is that you have to work at Northwestern Mutual a long time as the rewards and benefits are extremely back-end heavy soyou need to grind through the first 4 or so years. If you can survive non-stop cold-calling and stay on top of your business 100% of the time, this will be one of the best jobs for you from almost any perspective. I believe Northwestern Mutual has some of the best products on the market and the corporate culture truly cares about its clients. I don't think many people are cut out for this job. I wouldn't discourage people - more...
Excellent co-workers, "limitless" income
Poor management, lack of stability, tough industry
You can't survive in this industry unless you get off to a fast start, and you have a good nest egg to rely on. This is not a salaried career. If you don't make sales, you don't make money. There's a reason why so many people fail out of this industry.
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Jobs at Northwestern Mutual
I watched close to 15 people quit in a my 1 year there. You are more likely to make < 20K than you are to make the 80-120K they advertise for this role. I can’t think of one thing i enjoyed about this company/role. They fully expect a majority of people to quit within their first year and they don’t care. You are forced to work with more experienced advisors on cases which forces you to split commission sales. I ended up losing a sale or two because the advisors I was recommended to work with did not know what they were talking about at times. There are no leads to clients, you are forced to find them on your own. Instead of a base salary, they offer bonuses that seem intriguing, but no one in this role hits them on a consistent basis. If you take this job, be sure to have a back up plan at all times. Some advisors work second jobs to make ends meet.
It is a "grind" but great potential if you put in the work. The management team only wants what is best for you and put in the time and effort to help everyone succeed. Great work environment and weekly training
Work life balance, great management, High compensation potential
89% of first year Financial Reps fail at NM.That is 9/10 people. This speaks volumes.Why do you think this is the situation?This is a 100% Commission job. The benefits are good. BUT, Be prepared to call everyone you have ever known in your life...and call them a bunch. The problem these days is - who answers the phone anymore? NM needs to provide better digital marketing tools to their Reps. You have to pay for these expensive tools yourself...tools to generate decent leads and then referrals to keep your business cycle afloat.The sheer volume of calls and connections that need to be made to set meetings (most of which fall out or cancel) to get to a close, then a workable income is staggering. You will learn that is all YOU there. Any success or failure is all you...your language, your image, your attitude, your persistence, your die hard work ethic...not NM. hey give you a rock, you need to make it a wheel. The Reps that make it there are really amazing and have a bright, lucrative future. The others...?
Inspirational and Motivational Leader
Modern Day Support Systems
The culture in the Colorado Springs offices truly cannot be beat! Though you are essentially starting your own financial planning practice, you are never alone and always have people to lean on and to encourage you. The training program is top tier and the learning doesn't stop there - you are paired with a mentor to help get you started and countless joint work partners to work with as you are learning the business. If you have the grit and truly are passionate about helping others and continually learning, it is hard to fail.
Culture, growth opportunities, autonomy, learning, development, benefits
Commission isn't for everyone, Hard work getting started
There are two types of insurance companies - ones like NM which are 100% commissionable and require you to work many hours and provide your own leads and network (family, friends, etc.) and provide support and accountability and ones that make their money off of the leads you have to buy and don't require you to do much of anything. NM can be very fulfilling and lucrative, but you have to be right and ready for the job. You have to have a natural market. You have to be willing to work long hours. You have to be coachable. And you have to have the ability to live not making much money at the start.
Excellent training and support. Ability to make a lot of money.
100% commissions, long hours, bring your own market
Good internship but doesn’t seem realistic to work for from ages 21-28. No one that age needs life insurance and they try to oversell on permanent life insurance which people can’t afford. Good budget techniques for clients but bad pay structure for young employees.
There are not many careers that offer you the ability to have unlimited income potential, complete job security, and independence of your time. Although the career of a financial advisor can be difficult, putting in the time and work at the beginning of your career here can guarantee lasting success and benefits that will pay off. I've never seen anyone follow the system fail- nor has leadership allowed failure to those who work hard.
Good company to work for, high performance is expected. Know going in you will achieve success if you work hard. If you do not put in the time and effort. You will not last long.
Great compensation and great people
High pressure sales, high expectations